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Rediff.com  » News » ED confiscates Jagan's assets worth Rs 122 crore

ED confiscates Jagan's assets worth Rs 122 crore

February 20, 2013 19:38 IST

In yet another setback for YSR Congress chief Jagan Mohan Reddy, the Enforcement Directorate has decided to take possession of his properties worth Rs 122 crore.

The newspaper under the Jagathi publications are part of this order, but sources in the Reddy camp told rediff.com that their functioning will not be affected.

Two separate attachment orders of Rs 51 crore and Rs 71 crore were approved by the Adjudicating Authority of the Money Laundering Act.

All properties, which will be taken over by the ED, have been under scrutiny by the investigating agencies.

It is alleged that these firms had benefitted due to the alleged corruption by Jagan and his late father Dr Y S Rajasekhara Reddy.

The ED had attached properties worth Rs 71 crore owned by the Emaar Properties.

Further orders were also issued for the attachment of Janani Infrastructure and Jagathi publications.

Around 35 acres land belonging Hetero Drugs, 96 acres of APL research centre, 34 villas of Boulder Hills are among the other properties attached.

Jagan's legal team has, however, decided not to challenge this order as yet. They feel that they would move the court once the investigation is completed.

Even though these companies will continue to operate normally, they would not be able to undertake any transactions like buying, selling or leasing.

Vicky Nanjappa